News

Metal payment cards preferred over plastic in consumer survey

December 6, 2018

That's according to a recent study by CompoSecure LLC, a provider of premium financial cards. In a survey commissioned by the company, 59 percent of consumers indicated a preference for metal or metal hybrid cards over plastic, all other considerations being equal, a press release said.

At least 50 percent of respondents in each of six survey markets — Brazil, Hong Kong, Japan, Singapore, the U.S. and the U.K. — favored metal cards. In Brazil, favorability jumped to 82 percent, according to CompoSecure.

Other findings of the survey:

• 63 percent of respondents overall were unaware of metal cards. Among individual markets, the U.S. showed the highest rate of awareness at 44 percent.
• 80 percent of U.S. consumers categorized as "mass affluent" and "affluent" expressed a preference for metal over plastic.
• Millennials expressed the highest interest in metal cards, particularly in the U.S., where 77 percent said they would rather have metal cards. 

"This survey helps us better understand the potential needs of financial institutions and the desires of their customers," CompoSecure CEO Jon Wilk said in the release. "The data also illustrates that a premium card, coupled with a strong rewards proposition, creates the positive brand image sought by financial institutions that are seeking to drive acquisition, increase spending and improve retention."

The survey of 6,000 consumers was conducted by Edgar, Dunn & Co., an independent global strategy consulting firm, and included more than 6,000 participants who were polled online and face-to-face in six markets.